We have purchased a car bef
ore GST regime in our comapny and did't claim any credit on that car...
Now we want to purchase new car in exchange offer with this old car...
Will we have to pay GST on sale of Old car ???
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Used car to New car
Replies (8)
Itc cannot be claimed on purachse of car, except for hiring business and other more exemptions.
Will we have to pay GST on sale of Old car ???
- No need.
- No need.
No we do not have to pay on sale of old car as itc had not been claimed
Assets forming part of Business when transferred or disposed off by under directions of person carrying on the business so as no longer to form part of those assets even whether or not for consideration is DEEMED SUPPLY OF GOODS.
Please refer Sec 7(1A) of C.G.ST Act read with schedule II point No 4
@ M Keerthi Chandra.,
Yes... Your said act and schedule is correct except vehicles...
Yes... Your said act and schedule is correct except vehicles...
As per Notification 8/2018 CT (R) , Need to pay GST on old car sold on profit margin (Purchase -Sale )
Yes... if it's excess of book value.
Gst as apply to margin value
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